Hypercity acquisition, HomeTown demerger help Future Retail post Rs 183 profit for Q3

By

Maverick Martins

Published
Feb 7, 2018

Future Retail profits surged 81 percent to Rs 183 crore (approx $28.5 million) for the third quarter ended December 2017. The company had reported a net profit of Rs 101 crore (approx $15.8 crore) in the October-December period of the previous fiscal.
 

The company’s revenue grew 21 percent to Rs 4,696 crore (approx $731.7 million) from Rs 4,429 crore (approx $690 million) it reported in the year-ago period, the company said in a BSE filing.
 
During the quarter, Future Retail managed to complete the acquisition of Hypercity Retail (India), and demerger of Hometown which helped the firm post higher revenue and profits for the quarter.

Last year in Q2 it had acquired retail chain Hypercity from Shoppers Stop Ltd for Rs 655 crore (approx 100.5 million) in a part cash and part stock deal.
 
Future Retail had earlier announced that it will be acquiring Travel News Services India (TNSI) for Rs 100 crore (approx $15.7 million) to consolidate its retail business especially at airports, metro stations and universities.
 
Future Retail ended the quarter with around 955 operational stores across Big Bazaar, FBB, Easyday, Foodhall, ezone and Home Town in 298 cities across India.